Financial flexibility remains robust, characterized by a negligible 0.03% debt-to-equity ratio and a total asset base that expanded to $2.5 billion by 2026Q1.
| Total Current Assets | 1.18B | 954.92M | 774.69M | 556.18M | 654.64M | 518.49M | 425.14M | 414.88M | 274.5M | 163.93M | 82.59M | 93.4M |
| Cash & Short-Term Investments | 291.61M | 494.58M | 342.84M | 133.79M | 344.53M | 301.67M | 288.66M | 202.6M | 70.84M | 7.57M | 8.69M | 12.53M |
| Cash Only | 291.61M | 494.58M | 342.84M | 133.79M | 344.53M | 301.67M | 288.66M | 202.6M | 70.84M | 7.57M | 8.69M | 12.53M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 724.77M | 164.49M | 191.63M | 205.38M | 138.27M | 89.2M | 44.07M | 87.86M | 92.27M | 84.17M | 32.29M | 32.44M |
| Days Sales Outstanding | 99.77 | 55.64 | 61.91 | 68.34 | 73.32 | 74.24 | 46.15 | 51.03 | 61.89 | 90.05 | 76.01 | 53.49 |
| Inventory | 404.21M | 276.61M | 226.8M | 205.63M | 161.28M | 119.82M | 87.48M | 113.37M | 99.84M | 64.45M | 37.9M | 43.61M |
| Days Inventory Outstanding | 210.05 | 206.15 | 119.38 | 108.67 | 132.02 | 137.9 | 134.76 | 105.13 | 111.81 | 104.48 | 110.47 | 101.35 |
| Other Current Assets | -245.18M | 19.23M | 13.42M | 11.38M | 10.56M | 0 | 4.93M | 0 | 0 | 7.73M | 0 | 0 |
| Total Non-Current Assets | 1.28B | 916.7M | 964.64M | 966.38M | 464.25M | 463.59M | 390.45M | 420.08M | 310.24M | 102.53M | 82.74M | 84.16M |
| Property, Plant & Equipment | 429.41M | 362.08M | 370.1M | 369M | 153.18M | 151.66M | 164.82M | 188.31M | 142.05M | 94.65M | 74.87M | 76.33M |
| Fixed Asset Turnover | 3.10x | 2.98x | 3.05x | 2.97x | 4.49x | 2.89x | 2.11x | 3.34x | 3.83x | 3.60x | 2.07x | 2.90x |
| Goodwill | 248.33M | 203.03M | 203.03M | 203.03M | 7.82M | 7.82M | 7.82M | 7.82M | 7.82M | 7.82M | 7.82M | 7.82M |
| Intangible Assets | 364.28M | 148M | 163.99M | 179.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 23.33M | 5.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 30.16M | 10.12M | 8.52M | 9.53M | 1.6M | 1.04M | 1.21M | 1.4M | 1.31M | 49K | 44K | 0 |
| Total Assets | 2.46B | 1.87B | 1.74B | 1.52B | 1.12B | 982.08M | 815.59M | 834.96M | 584.74M | 266.46M | 165.33M | 177.56M |
| Asset Turnover | 0.59x | 0.58x | 0.65x | 0.72x | 0.62x | 0.45x | 0.43x | 0.75x | 0.93x | 1.28x | 0.94x | 1.25x |
| Asset Growth % | 69.62% | 7.61% | 14.24% | 36.08% | 13.93% | 20.41% | -2.32% | 42.79% | 119.45% | 61.17% | -6.89% | - |
| Total Current Liabilities | 451.09M | 164.24M | 178.82M | 175.66M | 116.65M | 92.57M | 48.91M | 91.13M | 74.62M | 52.87M | 24.13M | 19.63M |
| Accounts Payable | 315.78M | 71.54M | 72M | 71.84M | 47.78M | 42.82M | 20.16M | 40.96M | 42.05M | 35.08M | 14M | 8.85M |
| Days Payables Outstanding | 94.24 | 53.32 | 37.9 | 37.97 | 39.11 | 49.28 | 31.06 | 37.98 | 47.09 | 56.87 | 40.81 | 20.57 |
| Short-Term Debt | 15.65M | 12.29M | 0 | 0 | 0 | 0 | 8.07M | 0 | 7.35M | 7.24M | 2.57M | 2.65M |
| Deferred Revenue (Current) | 7.71M | 7.71M | 14.58M | 14.03M | 1.45M | 1.76M | 1.07M | 1.37M | 1.11M | 765K | 565K | 1.3M |
| Other Current Liabilities | 119.66M | 56.36M | 0 | 20.81M | 576K | 269K | 13.07M | 600K | 8.92M | 2.19M | 7.41M | 4.69M |
| Current Ratio | 2.61x | 5.81x | 4.33x | 3.17x | 5.61x | 5.60x | 8.69x | 4.55x | 3.68x | 3.10x | 3.42x | 4.76x |
| Quick Ratio | 1.71x | 4.13x | 3.06x | 2.00x | 4.23x | 4.31x | 6.90x | 3.31x | 2.34x | 1.88x | 1.85x | 2.54x |
| Cash Conversion Cycle | 215.58 | 208.48 | 143.39 | 139.04 | 166.22 | 162.86 | 149.84 | 118.19 | 126.62 | 137.66 | 145.67 | 134.27 |
| Total Non-Current Liabilities | 360.73M | 274.33M | 296.32M | 282.13M | 291.8M | 294.47M | 215.91M | 227.44M | 147.79M | 249.8M | 244.51M | 251.09M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 241.44M | 242.25M | 250.56M |
| Capital Lease Obligations | 121.88M | 25.46M | 30.61M | 28.47M | 24.81M | 23.46M | 20.06M | 24.19M | 8.74M | 7.95M | 2.06M | 0 |
| Deferred Tax Liabilities | 46.14M | 2.79M | 2.87M | 3.59M | 1.97M | 1.17M | 786K | 1.35M | 139.05M | 416K | 196K | 64K |
| Other Non-Current Liabilities | 282.44M | 246.08M | 262.85M | 250.07M | 265.02M | 269.84M | 195.06M | 201.9M | 138.01M | 0 | 0 | 474K |
| Total Liabilities | 811.82M | 438.57M | 475.15M | 457.79M | 408.45M | 387.05M | 264.82M | 318.57M | 222.42M | 302.67M | 268.65M | 270.73M |
| Total Debt | 55.23M | 37.75M | 41.72M | 39.97M | 35.52M | 33.21M | 28.13M | 37.66M | 16.09M | 256.62M | 248.02M | 253.2M |
| Net Debt | -236.38M | -456.83M | -301.13M | -93.82M | -309.01M | -268.46M | -260.53M | -164.94M | -54.75M | 249.04M | 239.33M | 240.68M |
| Debt / Equity | 0.03x | 0.03x | 0.03x | 0.04x | 0.05x | 0.06x | 0.05x | 0.07x | 0.03x | - | - | - |
| Debt / EBITDA | 0.09x | 0.11x | 0.12x | 0.12x | 0.17x | 0.30x | 0.25x | 0.17x | 0.08x | 2.29x | 7.79x | 4.03x |
| Net Debt / EBITDA | -0.37x | -1.35x | -0.86x | -0.28x | -1.48x | -2.40x | -2.36x | -0.74x | -0.26x | 2.22x | 7.51x | 3.83x |
| Interest Coverage | - | 60.94x | 78.86x | 26.11x | 144.50x | 67.42x | 63.12x | 124.35x | 46.60x | 4.28x | 0.63x | 2.00x |
| Total Equity | 1.65B | 1.43B | 1.26B | 1.06B | 710.45M | 595.03M | 550.77M | 516.39M | 547M | -36.22M | -103.32M | -93.17M |
| Equity Growth % | 71.19% | 13.36% | 18.73% | 49.87% | 19.4% | 8.04% | 6.66% | -5.59% | 1610.33% | 64.95% | -10.9% | - |
| Book Value per Share | 23.85 | 20.76 | 15.82 | 13.40 | 9.31 | 7.82 | 7.30 | 6.85 | 16.73 | -1.69 | -9.63 | -2552.52 |
| Total Shareholders' Equity | 1.19B | 1.23B | 1.07B | 865.52M | 571.92M | 468.64M | 352.97M | 327.47M | 362.33M | -36.22M | -103.32M | -93.17M |
| Common Stock | 693K | 688K | 681K | 654K | 609K | 590K | 477K | 472K | 377K | 0 | 0 | 0 |
| Retained Earnings | 621.92M | 680.35M | 552.13M | 400.68M | 261.76M | 178.45M | 150.09M | 132.99M | 51.68M | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.83M | -1.58M | -2.49M | -826K | -984K | 8K | 330K | -452K | -820K | 82K | -475K | -191K |
| Minority Interest | 240.61M | 206.66M | 193.06M | 199.25M | 138.53M | 126.39M | 197.8M | 188.93M | 184.67M | 0 | 0 | 0 |
US Land Activity Cyclicality
As reported in financial statements, Cactus, Inc. grew total assets to $2.5 billion by 2026Q1, a notable increase from $1.5 billion in 2023Q4, suggesting that the company is aggressively scaling its balance sheet despite the broader softening observed in US onshore drilling activity.
The expansion of the asset base appears driven by strategic acquisitions and capital investment rather than organic growth alone. Investors should monitor whether this asset growth translates into commensurate returns on capital or if it merely reflects the integration of higher-cost, capital-intensive spoolable technology assets.
Based on reported figures, Cactus, Inc. maintains a negligible debt-to-equity ratio of 0.03%, a position that stands in stark contrast to industry peers and provides the company with significant insulation against the volatility inherent in the US oilfield services sector during periods of high interest rates.
The company's reliance on equity rather than debt financing suggests a conservative capital structure that prioritizes solvency over aggressive leverage-driven growth. This lack of debt burden appears to be a core component of the firm's competitive moat, allowing it to navigate cyclical downturns without the pressure of mandatory interest payments.
According to recent SEC filings, the company's current ratio of 2.61 in 2026Q1, while down from the 5.81 peak in 2025Q4, continues to indicate a strong liquidity position that provides a substantial buffer against potential shocks in the US unconventional completion market.
The fluctuation in the current ratio suggests that management is actively managing working capital, likely in response to the integration of new business segments. The current liquidity profile appears sufficient to cover short-term obligations, even if the company faces a prolonged period of reduced activity in the Permian Basin.
As indicated by historical balance sheet data, retained earnings have climbed steadily from $400.7 million in 2023Q4 to $621.9 million in 2026Q1, reflecting a consistent pattern of internal capital reinvestment that has bolstered the company's total equity base over the last ten quarters.
The consistent growth in retained earnings suggests that the company has successfully converted operational profits into long-term shareholder value. However, the divergence between this growth and recent net losses warrants further investigation into whether future equity appreciation will remain as resilient if profitability remains under pressure.
Based on reported figures, goodwill has increased to $248.3 million as of 2026Q1, which may indicate that the company's recent inorganic growth strategy carries inherent risks of future impairment if the acquired assets fail to meet performance expectations in a consolidating E&P market.
While the balance sheet appears fortress-like, the rising goodwill balance suggests that a portion of the company's book value is tied to intangible synergies that are difficult to verify. Investors should monitor whether these assets provide the expected competitive advantages or if they represent overpayment for market share.
Quick answers to the most common questions about buying WHD stock.
As of 2025, Cactus, Inc. (WHD) had total assets of $1.87B including $954.9M in current assets.
Cactus, Inc. (WHD) carries total debt of $37.7M, offset by $494.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Cactus, Inc. (WHD) has total shareholders' equity (book value) of $1.23B ($20.76 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Cactus, Inc. (WHD) reported a current ratio of 5.81x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.